| On November 17,2014,the "Shanghai-Hong Kong stock connect" policy was officially launched.As an important event in the opening of the mainland stock market,it has a milestone significance.Two years later,the Shenzhen stock exchange and the Hong Kong stock exchange officially launched the Shenzhen-Hong Kong stock connect in December 2016.Deep port through the open degree of relative to the port of Shanghai's openness has large improvement,stock open range is bigger,the opening of the Shanghai port in 2014,main is the Shanghai stocks in 180 and the Shanghai 380 index,etc.,the company development is stable,and this lead to the opening of the Shenzhen and Hong Kong made a powerful supplement the stock target,will not only in the Shenzhen small and medium-sized board and gem companies into the underlying stocks,limits for investors are let go a lot.As the underlying stocks in Shenzhen market cover three different sectors,the characteristics of the listed companies are also different,and the company's value discovery function may be different,so different effects may occur.This paper takes the opening point of the Shenzhen-Hong Kong stock connect as the policy point,and sets the stocks in the underlying stocks of the Shenzhen-Hong Kong stock connect until March 2019 as the experimental group.From beginning to end,the stock that has never been included into the underlying stock of Shenzhen stock pass is set as the control group.DID double difference model was used to explore the change of company value before and after the launch of Shenzhen-Hong Kong stock connect.Through multiple regression analysis,we found that the opening of Shenzhen-Hong Kong stock connect increased the value of the company,but not significantly.The main board,small and medium-sized board and gem board in Shenzhen stock connect may have different effects due to their different growth and enterprise characteristics.The low valuation of small and medium-sized stocks in Hong Kong may exert pressure on the value of small and medium-sized board and gem companies in Shenzhen.Therefore,we propose two hypotheses :(1)the launch of the Shenzhen-Hong Kong stock connect can enhance the value of the main board companies;(2)the launch of the Shenzhen-Hong Kong stock connect has brought side effects to Shenzhen's small and medium-sized board and growth enterprise board,and reduced the value of the underlying stock companies.Next,we explored the different impacts of the launch of the "Shenzhen-Hong Kong stock connect" on corporate value under different ownership concentration and property rights.We divided the ownership concentration into high and low ownership concentration levels,and classified the ownership nature into state-owned enterprises and non-state-owned enterprises for multiple regression.By studying the value discovery function of the opening of the "Shenzhen-Hong Kong stock connect" to the market,it can provide certain reference for the future capital market opening. |
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